European Union to Tackle Unfair Competition

European Union to Tackle Unfair Competition

European Union to Tackle Unfair Competition

Brussels, Dec 4 (Prensa Latina) The European Union (EU) has adopted today new trade defense rules in order to face unfair competition, interested in improving the group''s economic panorama.

This decision will help identifying cases of imported products at prices below their cost of production, thanks to subsidies and tax rebates in their countries of origin.

The regulation will enter into force on December 20, the European Council said in a statement today.

The Minister of Entrepreneurship of Estonia, Urve Palo, said that the new rules will be crucial to ensure that all trading partners sell their products at undistorted prices.

Estonia is leading the EU Council this semester.

She also referred to the interest of fair market competition. The new legal framework eliminates the distinction between market economies and those that are not, to calculate dumping, and maintains the same level of protection for producers.

Criteria such as state policies, the independence of the financial sector or the presence of state-owned companies will be taken into account to determine the distortions.

The agreement also includes reinforcing legislation against subsidies, so that when these are discovered during an ongoing investigation, import taxes may be added to the tariffs.

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European Union to Tackle Unfair Competition

Brussels, Dec 4 (Prensa Latina) The European Union (EU) has adopted today new trade defense rules in order to face unfair competition, interested in improving the group''s economic panorama.

This decision will help identifying cases of imported products at prices below their cost of production, thanks to subsidies and tax rebates in their countries of origin.

The regulation will enter into force on December 20, the European Council said in a statement today.

The Minister of Entrepreneurship of Estonia, Urve Palo, said that the new rules will be crucial to ensure that all trading partners sell their products at undistorted prices.

Estonia is leading the EU Council this semester.

She also referred to the interest of fair market competition. The new legal framework eliminates the distinction between market economies and those that are not, to calculate dumping, and maintains the same level of protection for producers.

Criteria such as state policies, the independence of the financial sector or the presence of state-owned companies will be taken into account to determine the distortions.

The agreement also includes reinforcing legislation against subsidies, so that when these are discovered during an ongoing investigation, import taxes may be added to the tariffs.